An update on HMRC's Let Property Campaign

30 April 2015 • HMRC

Launched in autumn 2013, the Let Property Campaign provides buy-to-let and other private landlords an opportunity to make a full and voluntary disclosure on very favourable terms.

In 2014, around 40,000 landlords who failed to come forward voluntarily were sent a ‘promoted disclosure’ letter, however they would not receive the same favourable conditions as an ‘unprompted disclosure’.

Those who ignored the letter risk penalties of up to 100% of the unpaid liabilities, an investigation and in certain cases criminal prosecutions.

Process
Under the Let Property Campaign HMRC must be notified that you wish to make a disclosure. Once notified you have 3 months to bring your rental accounts up to date and complete the disclosure form. We have found this campaign very useful and to date all the offers we made to HMRC have been accepted.

Reason for making a disclosure
With increased data gathering actives, it is less likely a case of if, and more likely when, HMRC catches up with you.

Landlords with undeclared or under disclosed rental income who have not yet been contacted by HMRC and want to regularise their affairs should do so as soon as possible. Very favourable terms and affordable repayment plans can often be negotiated.

If you would like more information regarding this area please do not hesitate to contact us at Warrener Stewart call 020 7731 6163 and ask for the Tax Team.